MAN cautions that the instability of the Naira poses a threat to the production of local drugs.
The Pharmaceutical Manufacturers Group of Manufacturers
Association of Nigeria has highlighted the necessity of addressing the continuous
devaluation of the naira against major foreign currencies to ensure the effectiveness of
President Bola Tinubu's Executive Order on pharmaceuticals in enhancing local drug production.
PMG-MAN, while recognizing the advantages of the order,
stressed that a stable exchange rate is the key factor for the success of the local pharmaceutical industry.
The drug manufacturers asserted that without a stabilized naira value,
achieving the target of 70% local drug manufacturing would remain unattainable,
irrespective of the order.
The group emphasized the urgency for the Federal Government to kickstart the
implementation of the order to prevent further escalation ofdrug prices